Philippine stocks end 2-day decline

The local stocks index firmed up Friday after a two-day decline but remained below 6,000 ahead of a US jobs report that may influence the timing of the US Federal Reserve’s tapering of its monetary stimulus.

The main-share Philippine Stock Exchange index recovered 15.4 points or 0.26 percent to close at 5,974.62. For the week, the main index lost a total of 100.55 points or 1.65 percent, defying the recovery in regional markets.

The industrial, holding firm and services counters supported the PSEi’s rise for the day, but overall gains were tempered by the decline in the financial, mining/oil and property counters.

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Value turnover remained lackluster at P5.37 billion. Despite the slight advance made by the main index, there were only 61 advancers that were edged out by 80 decliners.

Dealers said the market was still in “consolidation” mode, awaiting fresh catalysts. Apart from the tension in the Middle East and, locally, the brewing pork barrel scam, investors are awaiting further clues on when the US Federal Reserve would start unwinding its aggressive monetary stimulus. The capital reversal out of emerging markets in the last few months was largely related to US Fed jitters.

As of yesterday, investors were awaiting the release of the US jobs report for August. Doris C. Dumlao